The information contained within
this announcement is deemed by the Company to constitute inside
information stipulated under the Market Abuse Regulation (EU) No.
596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Press Release
25 July 2024
Ashington Innovation
plc
("Ashington" or "the Company")
Fundraise
Ashington Innovation plc (LSE: ASHI;
FSE: 6FW), a special purpose acquisition company ("SPAC"), is
pleased to announce that it has raised £200,000 (the "Fundraise")
by way of a subscription for 10 million new ordinary shares at a
price of £0.02 per share, conditional on Admission.
The Fundraise is at a 150% premium
to the Company's share price of £0.008 as at 24 July 2024. This
substantial premium is a validation of the Board's existing
strategy to identify and acquire a company within the technology,
financial technology ("fintech") and deep technology sectors to
create a combined business which will generate increased value for
the Company's shareholders.
The net proceeds of the Fundraise,
once completed will be used for general working capital purposes as
the Board of Directors continue to assess several potential
acquisition targets. Ashington will update the market if and when
these discussions are suitably advanced.
Application will be made for
10,000,000 new ordinary shares, which will rank pari passu in all
respects with the existing ordinary shares of the Company, to be
admitted to the Equity Shares (Transition) category of the Official
List and to trading on the Main Market of the London Stock Exchange
plc, which is expected to occur on or around 8.00am on 31 July 2024
("Admission").
Upon Admission, the total number of
issued shares and the total number of voting rights in the Company
will be 72,597,898.
Jason Smart, Director of Ashington Innovation,
commented: "This fundraise -
achieved at a significant premium to our current share price - is a
vote of confidence in our management team and our strategy to build
a world-leading combined company in the technology sector. This
positions Ashington well for future growth."
For
further information please contact:
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Ashington Innovation plc
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Jason Smart
Non-Executive Director
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via
Tancredi +44 207 887 7633
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Tancredi Intelligent Communication
Media Relations
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Helen Humphrey
Charlie Hobbs
Neha Dhakal
ashington@tancredigroup.com
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+44 7449 226 720
+44
7897 557 112
+44
7915 035 294
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About Ashington Innovation
plc
Ashington Innovation plc is a special
purpose acquisition company (SPAC), formed with the intention of
acquiring businesses operating in the technology sector, in
particular the financial services technology and deep technology
sectors.
The Company believes that in the
increasingly fast-changing global environment there will be an
abundance of opportunities to acquire existing businesses in the
technology sector, and in particular businesses that possess and
utilise proprietary technologies and own applicable intellectual
property.
The Company is not limited to any
specific geographic region in identifying its target
companies. www.ashingtoninnovation.com.
Forward-looking
statements:
This announcement may contain
"forward-looking" statements and information relating to the
Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information
currently available to Company management. The Company does not
undertake to update forward‐looking statements or forward‐looking
information, except as required by law.